DBRS Upgrades One BAMLL Re-REMIC Trust 2013-FRR1 Class, Changes Trend to Positive on Another Class

DBRS Limited (DBRS) has today upgraded the following class of Commercial Mortgage Certificate-Backed Certificates, Series 2013-FRR1 issued by BAMLL Re-REMIC Trust 2013-FRR1:

-- Class A-2 to BBB (sf) from BBB (low) (sf)

DBRS has also confirmed the remaining class as follows:

-- Class A-1 at BBB (low) (sf)

Additionally, DBRS has changed the trend on Class A-1 from Stable to Positive. The trend on Class A-2 remains Stable.

This transaction is a resecuritization, collateralized by the beneficial interests in two commercial mortgage-backed pass-through certificates from two underlying transactions, FREMF 2010-K7 and FREMF 2011-K11. The ratings are dependent on the performance of the underlying transactions.

The upgrade to Class A-2 reflects the increased performance of the underlying FREMF 2010-K7 transaction, which has experienced collateral reduction of 10.6% since issuance and benefits from defeasance collateral totalling 9.5% of the current pool balance. Based on the most recent financial reporting, the transaction is reporting a weighted-average (WA) debt service coverage ratio of 1.67 times and a WA debt yield of 12.6%.

The Positive trend change to Class A-1 reflects the increased performance of the FREMF 2011-K11 transaction. Please refer to the March 15, 2016, press release for more information on the FREMF 2011-K11 transaction, which is publicly rated by DBRS.

Notes:
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are North American CMBS Rating Methodology (March 2016) and CMBS North American Surveillance (December 2015), which can be found on our website under Methodologies.